6 Ways Small Businesses Benefit our Local Community
Small businesses are the heart of our country, and they give back to the local economy in more ways than one. McHenry Savings Bank (MSB) was established in 1955, as a savings and loan bank, by a group of community like-minded people. Throughout the years, MSB grew and changed to meet the needs of the community. Communities are built on the hard work and innovation from local small businesses. It’s so easy to jump online for the products and services you need, but rarely do those purchases create a better place for you to live, work and play! Support your local small businesses, visit your local Chamber of Commerce for a local business directory, and whether you live in McHenry, Johnsburg, Richmond, or the surrounding areas, spending your money where you live builds a better community.
- Create Community Identity: Take the time to walk downtown and you’ll see all unique small businesses everywhere. From coffee shops and restaurants to the unique and varied shops that bring you to the area, these small businesses help create our local identity and build community.
- Encourage Community Involvement: Small business owners are an important part of the community, and they tend to be aware of how their decisions will impact their neighbors. With this in mind, local business owners are usually involved in the community. They may sponsor a local little league team, donate to a homeless shelter, join the chamber of commerce, participate in community charity events, or donate to local non-profit organizations. Be sure to pay attention to how your favorite small businesses give back to the community and thank them!
- Promote Community Economic Health: Small business owners are more likely to build personal relationships with their customers. Many small business owners form casual relationships with one another and create groups that support those relationships and help each other to grow. These relationships leverage the expertise of the participants to contribute to the business community’s long-term success. Networking is a real thing. If one business doesn’t have what you’re looking for, they may know someone who does, just ask.
- Create Local Jobs: Small businesses create jobs and most of them are local. Local employees have the benefit of working closer to home and out of town employees are potential new residents in our communities. Additionally, employees in our local businesses support other local businesses by dining locally at lunch time or stopping at a local retail store for groceries or other items.
- Increase the Local Tax Base: Small businesses increase local spending by their own purchases and those of their customers. The taxes paid during these transactions feeds the budgets of local governments so they can continue to improve roads, parks and schools.
- Entrepreneurship: Entrepreneurship fuels America’s economic innovation and prosperity and shows that the business owner is taking control of his or her future. This inspires others who have the same dream of opening a small business to find the local resources to make it happen!
McHenry Savings Bank is committed to our customers and our community. We are here to help you with your personal and commercial banking needs. Be sure to follow us on Facebook, Instagram , LinkedIn and Twitter and if we can be of any assistance, please reach out at (815) 385-3000.